[SMM Steel] EU Steel Quota Cuts Raise Concerns Over Ukraine’s Export Losses

Published: May 20, 2026 17:11

Save

[SMM Steel] Ukraine’s steel industry warned that the EU’s planned steel safeguard revisions could significantly reduce the country’s export revenues and damage its wartime economy. Under the new measures effective from July 1, the EU plans to cut steel import quotas by 47% and impose a 50% tariff on out-of-quota volumes. Ukrainian steelmakers said the restrictions could sharply limit access to their largest export market, as Ukraine exported around 2.65 million mt of steel to the EU last year. Industry sources estimated the proposed quota reductions could cut export volumes by around 70% and result in up to €1 billion in lost export revenues.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

21 mins ago

5.20 SMM Global Steel Daily Report

China Steel billet export prices continued to decline today, falling by about 3-4 USD/tonne, with 3SP 150*150mm FOB quotes at 472-475 USD/tonne. It was learned that as export billet prices continued to fall, wait-and-see sentiment was strong in the market. Meanwhile, some steel billet export mills had maintenance plans and were cautious in taking orders to ensure supply for the Chinese market.

21 mins ago

25 mins ago

[SMM Sheets & Plates Daily Review] Futures First Declined Then Rebounded, Short-term Trend Unchanged

Today, the most-traded hot-rolled coil (HRC) contract first declined then rebounded, closing at 3,428 at the end of the session, down 0.03% intraday. HRC spot prices mostly fell 10-20 yuan/mt today, with some markets remaining stable. In terms of supply, the impact from maintenance on hot-rolled production this week was 137,500 mt, down 98,500 mt WoW. Next week, the impact from maintenance on hot-rolled production will be 185,500 mt, up 48,000 mt WoW, with overall pressure being neutral. Demand side, end-users still mainly purchased at low prices, and futures-spot arbitrage continued to ship at low prices. Cost side, after macro front disturbances diminished, short-term cost support weakened somewhat. Looking ahead, the supply-demand imbalance in HRC fundamentals showed some diverg

25 mins ago

37 mins ago

MMi Daily Iron Ore Report (May 20)

Iron ore futures saw intense trading today, with the most-traded contract I2609 closing at 800 yuan/mt, up 0.19% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity; steel mills restocked on an as-needed basis with few inquiries; overall spot market transactions were limited.

37 mins ago